Between keeping up with advances in modern medicine, establishing meaningful and healthy relationships with your patients and dealing with the day-to-day grind of running a business, it can be hard to make time to think critically about revenue cycle management. Still, it's important to remember that having a clear understanding of your various revenue streams and financial management techniques is key to the longevity and success of your practice. Luckily, this need not be quite as difficult an undertaking as it may first seem. In fact, pairing strong organizational techniques with effective practice management software can make financial evaluation a breeze. Take a look at these best practices for managing the financial health of your practice:
Utilize electronic billing
"Our e-eligibility feature allows you to verify insurance benefits and track co-payments."
While we've all certainly come a long way from keeping our ledgers and finances up to date by hand, that doesn't mean that we shouldn't always be looking for ways to improve our billing processes. With the revenue cycle management capabilities of Nextech's software, you can take management of your practice's finances to the next level. For example, our e-eligibility feature will allow you to verify insurance benefits and track co-payments nearly instantly, providing you with the information that you need to keep your finances healthy. Better still, you'll never need to pull up two screens to compare a medical record with a bill, as this software allows you to generate bills directly from a given EMR.
Track monthly trends in charges
One of the most important things that any practice can do to gain a better understanding of their overall financial picture is to track revenue streams not only on an annual level, but on a monthly basis. For example, the American Academy of Family Physicians has indicated that the average monthly charges for a full-time physician are approximately $50,000, but that this range fluctuates from roughly $35,000 to $75,000 across all specialties considered. With that said, use your revenue management software to determine if there are patterns in the fluctuation of your money coming in. Following this, you should be able to notice if there is a particular month or time of year in which your revenue stalls or is lower than normal. Upon determining this, you will be in a far better place to take action to correct it.
Simplify claims management processes
There's no reason that claims management should be a cumbersome part of running your practice. With Nextech's software, you'll be able to seamlessly integrate claims management into your existing billing and eligibility determination processes. For example, this software will allow you to apply batch payments to multiple bills or use a clearinghouse method to practice e-remittance. Through these claims management practices, you'll be able to eliminate the time-consuming hassles of generating individual bills for each statement, mailing and tracking these paper claims.